FOMC Outlook – 18/11/15

While most analysts are not expecting any new, major revelations from the minutes of the last meeting, there are a few areas in focus. The October statement was much more hawkish than most participants expected & was successful in prepping the market for December lift-off with OIS probabilities for a hike spiking to nearly 80% (& rose higher after the strong NFP). The two most noteworthy changes in October were the removal of reference to concerns over global developments and the specific reference to action at “its next meeting” (specific date based guidance). Some of the focus on these minutes will be somewhat diminished due by more up to date information delivered by a heavy slate of Fed speakers on the schedule for Weds. Prior to the release we will hear from Dudley, Lockhart, & Mester and post minutes appearances by Lockhart & Fischer on Thursday.